Jamaica Tax Changes 2013

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A quick review of Jamaican tax changes from 2012/13 to 2013/14 period. Learn which items saw tax increases or decreases in Jamaica

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Jamaica Tax Changes 2013

  1. 1. Tax Changes in Jamaica 2012-2014 BY
  2. 2. The Run Down For businesses and individuals in Jamaica, the 2012 to 2013 fiscal year has been a very active one in terms of taxes. We observed an increase in some taxes, a decrease in others and a few new taxes were introduced. With this in mind, it is extremely important for us to keep tabs on these tax changes.
  3. 3. Knowing the taxes and the changes made to them definitely helps businesses and individuals in Jamaica make financial decisions. In February of this year, a $15.9 billion tax package was introduced by the Finance Minister, Dr Peter Phillips. This will affect the governments budget and our pockets. The Run Down (con't)
  4. 4. Items that now attract GCT... Flavoured milk, milk based products, condensed milk & milk substitute, corn beef (canned). Pickled mackerel, herring, shad, dried salt fish, buns, crackers (except water crackers), biscuits (salted & unsalted). Eggs, all patties, rolled Oats. Live birds, fish, etc. Syrup, Pet food, Planting materials including cereals & seeds in their natural state, dormant flower bulbs, corns, roots & tubers & nursery stock, vegetable plants & live trees. Surgical gloves, including disposable, sterile & those made of latex rubber. Printed matter, articles & materials
  5. 5. Expenditure Budget 2012-2014 Area 2012-2013 2013-2014 Change Interest $136.5 billion $119.5 billion Programmes $90.7 billion $93.8 billion Salaries and Wages $147.8 billion $157.2 billion Debt Amortisation $198.2 billion $105.7 billion Capital Expenditure $39.2 billion $44.7 billion
  6. 6. Funding for 2013-2014 Budget Source Amount Tax $360.6 billion Non-tax/Bauxite Levy $36.1 billion Loans $103.3 billion Surplus from Entities $10.4 billion Capital $41.1 billion Grants $9.4 billion Total $520.9 billion
  7. 7. Tax Changes in Review ● Motor Vehicle related taxes (such as registration, fitness, licensing) have seen three tax increases in the period ● Education Tax increased from 2- 2.25% for employees and 3-3.5% for employers. ● Property Tax was increased to raise $3.4 billion dollars in the 2013/2014 financial year (effective April 1, 2013)
  8. 8. ● Company Asset tax was increased ● Importation/wharfage Taxes saw increases in March 2013 ● Company Registration and Incorporation and all other business creation related taxes have all had increases. Tax Changes (con't)
  9. 9. ● Industry Specific Taxes have also been increased for Telecommunication and Hoteliers. ● Company Incomes taxes fell from 33 and a third to 25 % ● Special Telephone Call Tax added to all cell phone calls ● G.C.T fell from 17.5 % to 16.5% and added to more items Tax Changes (con't)
  10. 10. See the infographic to this information: headofficeapp.com/tax-changes-jamaica-infographic/

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